'The time for austerity is not today'

2/12/12 11:15 AM EST

White House chief of staff Jack Lew, pressed Sunday by NBC's "Meet the Press" host David Gregory on the near-trillion in stimulus-like spending in Obama's budget, to be unveiled Monday, said:

"There's pretty broad agreement, that the time for austerity is not today," Lew said. "We need to be on a path where over the next several years we bring our deficit under control. Right now, we have a recovery that's taking root, and if we were to put austerity measures right now, it would take the economy in the wrong way."

He then cited the Great Validator: The New York Times editorial page, which backs his approach.

It seems to be an obvious enough statement -- considering, for example, Britain's backtrack on some of its budget-cutting recently and unemployment in austerity-pinched Greece is pushing 20 percent -- but it's pithy bumper-sticker material for Republicans.

Lew refused to predict what the unemployment rate might be on Election Day, but said he'd like to see it moving into the low 8 percent range.